The share of the CBD skin care market in its parent market (skin care market) is close to ~1%-2%.
The CBD skincare market is anticipated to display a staggering 26% CAGR during the forecast period between the years 2020 and 2030. The coronavirus outbreak and subsequent lockdown measures have pushed consumers to focus their spending on essential commodities. Disruptions to raw material supplies have also impacted the market.
However, strong demand for CBD skin care products is helping in recovery of the industry, particularly through online distribution channels. As per newly released data by Future Market Insights (FMI), the CBD skin care market is estimated at US$ 2,359.5 Mn in 2022 and is projected to reach US$ 10,376.4 Mn by 2028. On the other hand the market reflected a CAGR of ~21.1% from 2013 to 2021. The share of the CBD skin care market in its parent market (skin care market) is close to ~1%-2%.
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CBD Skincare Market- Critical Takeaways
CBD Skincare Market- Drivers
CBD Skincare Market- Restraints
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Coronavirus Impact on CBD Skincare Market
With the coronavirus affecting countries around the globe, potential buyers for CBD skincare products are focusing their expenditure towards essentials. Further, the fear of recession has impacted investments into the CBD skincare market. In addition, CBD and hemp shipments have taken a hit. CBD skincare product manufacturers are focused on the optimization of global, national, and local supply chains to process shipments, while being in compliance with strict safety standards.
Competitive Landscape
Fab CBD Company, Kiehl’s LLC, Medical Marijuana Inc., Cannuka LLC, Elixinol Global Ltd., Green Growth Brands, Endoca LLC, Josie Maran Cosmetics, Naturally Splendid, Lord Jones, Leela Body Care Co., The CBD Skincare Co., Vertly Hemp, CBD for Life, and Myaderm are some of the leading players in the CBD skincare market.
Manufacturers in the CBD skincare market are primarily investing in the development and launch of new product lines to cater to the requirements of varying consumer demographics.
For instance, Perricone MD has announced the release of its hypoallergenic CBD skincare line, aimed towards consumers with sensitive skin. Similarly, e.l.f. Beauty has unveiled a new full spectrum CBD product line including 5 body and face products. Further, OTO has released a new CBD skincare range including body oils, face masks, night eye treatment, and night cream.
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Global CBD Skin Care Market by Category
By Product Type, Global CBD Skin Care Market is segmented as:
By Price Range, Global CBD Skin Care Market is segmented as:
By Packaging Type, Global CBD Skin Care Market is segmented as:
By Source Type, Global CBD Skin Care Market is segmented as:
By Region, Global CBD Skin Care Market is segmented as:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Aug 26, 2022